Rupee sees record closing low of 68.93 against dollar

The rupee on Thursday ended at its lowest close ever after Chief Economic Advisor Arvind Subramanian commented that the rupee should be allowed to depreciate, when its peers are also coming under pressure.

A firm oil price continues to weigh on sentiments, even as the dollar showed some signs of easing up against major currencies. The tariff war imposed by the US on Chinese goods, estimated at $34 billion starting Friday, has forced the Chinese currency to depreciate. As a result, all other emerging markets are letting their currencies depreciate to protect export competitiveness. The rupee is no exception to